Shareholders vote for bank merger

13 May 2009 (08:20)

URSA Bank’s shareholders gathered at the annual general meeting on May 8, 2009 to vote for the bank’s merger with MDM-Bank and MDM Banking Holding. This proposal received 99.64% of votes.

In addition to taking this decision, the stockholders also approved of raising URSA Bank’s authorized capital through an issue of ordinary shares and the eighth-type preference shares that are to be converted from MDM-Bank and MDM Banking Holding’s ones.

According to the bank’s press officer, the new, enlarged bank’s next challenge will be to get the company registered by the Bank of Russia.

‘The new bank is to be called MDM Bank and will have its HQ in Novosibirsk; URSA Bank, as a legal entity, is to become the basis of the new business, alongside with the general banking license 323,’ the press officer explains.

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